| HANCOCK TIMBER RESOURCE GROUP TO ACQUIRE TIMBERLAND AND TIMBER RIGHTS FROM HARVARD UNIVERSITY |
BOSTON, (July 27, 2005 )-The Hancock Timber Resource Group (HTRG) today announced that it has signed an agreement to acquire the ownership interests of entities owning or controlling more than 930,000 acres of timberland or timber rights managed by the Harvard Management Company. Harvard Management Company is the investment manager for Harvard University.
The transaction is expected to close in the fourth quarter and entities managed by HTRG will acquire Harvard University-owned entities in New Zealand and the United States. The timberlands and timber rights are located in Texas (461,000 acres), Pennsylvania (135,000 acres), Washington (327,000 acres), and the Central North Island of New Zealand (15,000 acres). Terms of the transaction were not disclosed.
“We obviously are very pleased to reach an agreement to acquire these outstanding properties,” said Dan Christensen, HTRG’s president. “They are well managed and highly productive timberlands and timber rights that will be excellent additions to our investors’ portfolios.”
“Beyond that, however, this acquisition represents an important step forward for us and for our current and future investors who rely on HTRG to build high quality, geographically diversified timberland portfolios for them. As always, we will ensure that the management of all of our forests, including the newly acquired ones, is conducted with a long-term, sustainable perspective that benefits the environment as well as our clients.”
HTRG, a division of Hancock Natural Resource Group, Inc, an operating company of MFC Global Investment Management, manages timberland in the Pacific Northwest and the Southeast United States as well as Canada, New Zealand and Australia. Additional information about HTRG may be found at its website: www.hancocktimber.com.
MFC Global Investment Management is the institutional asset management arm of Manulife Financial Corporation. Based in North America with investment offices in Toronto, Boston, London, Tokyo, Hong Kong and Southeast Asia, the firm has more than 100 years of experience managing funds. Additional information about MFC Global Investment Management may be found at its website: www.mfcglobal.com.
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$350 billion (US$290 billion) as at March 31, 2005.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.